Reliance Industries Limited (RELIANCE) Q1 26/27 earnings summary

Executive summary

• Achieved record results in Q1 FY27 with consolidated revenue rising to ₹340,257 crore, up 25% year-over-year, amid macro volatility and energy market shocks, driven by strong O2C, telecom, and retail performance.

• Highest ever quarterly recurring EBITDA at ₹54,067 crore (+10.1% YoY) and net profit at ₹23,196 crore (+6.1% YoY), led by O2C and Jio Platforms.

• Consumer businesses contributed over 50% of consolidated EBITDA, supported by robust cash flows and a strong balance sheet.

• Total comprehensive income for the quarter was ₹26,463 crore.

• Results reviewed and approved by the Board and Audit Committee on July 17, 2026.

Financial highlights

• Consolidated revenue rose 25% YoY to ₹340,257 crore; EBITDA up 10.1% YoY to ₹54,067 crore; net profit up 6.1% YoY to ₹23,196 crore.

• O2C revenue up 30.4% YoY to ₹201,803 crore; Jio Platforms revenue up 12% YoY to ₹45,961 crore; Retail revenue up 12% YoY to ₹90,409 crore.

• EBITDA for the quarter was ₹54,067 crore; O2C EBITDA ₹17,010 crore (+17.2% YoY), Retail EBITDA ₹6,309 crore (-1.1% YoY), Digital Services EBITDA ₹21,255 crore, Oil & Gas EBITDA ₹4,973 crore.

• JPL PAT up 9% YoY to ₹7,764 crore; RRVL PAT down 14% YoY to ₹2,805 crore.

• Finance cost increased 19% and depreciation up 9% due to Jio asset capitalization.

Outlook and guidance

• Retail aims to double EBITDA over the next three years by scaling digital commerce, expanding own brands, and improving unit economics.

• O2C expects robust refining margins amid global supply disruptions and strong summer demand.

• New Energy segment progressing on giga-factory ecosystem, targeting 20 GWp solar and up to 120 GWh battery capacity.

• Focus on scaling New Energy, data centers, and digital commerce, leveraging strong cash flows.

• Board and Audit Committee maintain focus on operational performance and compliance.